DEALMAKER IN THE SPOTLIGHT
With its share price slumping, fertilizer producer Terra Industries Inc. wasn’t happy about a stock-for-stock takeover offer from rival CF Industries Holdings, Inc., in early 2009. Terra turned to Cravath, Swaine & Moore veteran Faiza Saeed to parry CF’s advances over a year of increasing hostilities. “In the end, we didn’t use a lot of fancy defenses,” she says. “We didn’t even put a poison pill in place.” After CF withdrew in February, Saeed helped Terra tie up a cash deal with white knight Yara International ASA. Then, in March, CF came back to top Yara’s $4.1 billion offer. Whichever bid the board chooses, Terra looks like the real winner.
